Question

distinguish between
1. micro economic and macro economic
2. value- in - use and value - in - exchange​

Answer 1

Answer:

1. Economics is divided into two different categories: Microeconomics and Macroeconomics. Microeconomics is the study of individuals and business decisions, while Macroeconomics looks at the decisions of countries and governments.

2. (1) Value-In-use refers to the utility of the commodity in day to day life. Whereas value-inexchange refers to the worth of commodity expressed in terms of price. (2) Commodities like water, air are highly essential for human life. Thus, these commodities have high value-in-use.

Explanation:

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